The U.S. and China agree to $60 billion in tariff cuts on products like dolls and fireworks. Rare earths remain a sticking point.

The United States and China have pledged to implement tariff cuts on $60 billion worth of mutual imports, covering items such as corn, cosmetics, toys, dolls, fireworks, and household appliances. Despite this agreement, rare earths remain a significant sticking point between the two nations. Furthermore, the discussions yielded no major breakthroughs regarding critical issues, including AI, Iran, and Taiwan, as both sides noted certain omissions in the current trade arrangements.